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Thefts at Target have become increasingly violent and dangerous for staffers, the retail giant’s CEO told investors on Wednesday.

Shoplifting that included “violence of threats of violence” surged 120% during the first five months of the year, said Brian Cornell, chief executive of the Minneapolis-based big-box chain.

“Our team continues to face an unacceptable amount of retail theft and organized retail crime,” Cornell said during the company’s second-quarter earnings call. “Unfortunately, safety incidents associated with theft are moving in the wrong direction.”

Cornell said that Target’s inventory shrink — which accounts for retail theft and other losses of merchandise — is “well-above the sustainable level where we expect to operate over time.”

The National Retail Federation, the nations largest retail trade group, said its latest security survey of roughly 60 retailers found shrink clocked in at an average rate of 1.4% last year, representing $94.5 billion in losses.

The greatest portion of shrink — 37% — came from external theft, including products taken during organized shoplifting incidents, the trade group said.

It also noted retailers, on average, saw a 26.5% uptick in organized theft incidents last year.

Target reported its first quarterly sales drop in six years — contributed in part by the calls to boycott the brand over the LGBTQ-friendly merchandise.

Profit for the fiscal second quarter came in above expectations, however, as Target brought inventories closer in line with cautious spending on discretionary items by customers.

Cornell also addressed the threats to staffers in the wake of the controversy surrounding the sale of LGBTQ-related merchandise during Pride Month.

In May, customers knocked down Pride displays at some stores, angrily approached workers and posted threatening videos on social media from inside the stores.

The backlash, which included calls to boycott the company over its sale of “tuck-friendly” bathing suits, prompted Target to remove some items from its store and even relocate the merchandise to the rear of the locations.

“We denounce violence and hate of all kinds, and safety of our team and our guests is our top priority,” Cornell told investors during Wednesday’s earnings call.

Despite the losses, Target will still be celebrating Pride Month in 2024, Cornell said, noting that future collections will focus on being celebratory and joyous, with wide-ranging relevance.

Target will also be mindful of timing, placement and presentation of its future Pride collections, Cornell added.

Pride is one of many heritage moments that are important to our guests and our team, and well continue to support these moments in the future.

Targets CFO Michael Fiddelke addressed Targets disastrous rainbow-clad collection in an earnings call on Wednesday, saying: Traffic and top line trends were affected by the reaction to our Pride assortment.

Cornell said higher high prices for food and household essentials are taking a bigger chunk out of the paychecks of customers, who have also pulled back on buying some goods in favor of travel or spending time out of the house in other ways.

Guests are out at concerts, Cornell told reporters on a media call Tuesday.

Theyre going to movies. Theyve seen Barbie. Theyre enjoying those experiential moments, and theyre shopping very carefully for discretionary goods.

Target earned $835 million, or $1.80 per share, in the quarter that ended July 29. That compares with $183 million, or 39 cent per share, in the year-ago period.

Sales fell nearly 5% to $24.77 billion as shoppers focused more on groceries than discretionary items.

Additional Reporting by Shannon Thaler and Post Wires

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Sports

Preds irked as Wild net winner with net displaced

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Preds irked as Wild net winner with net displaced

The Nashville Predators disagreed that a “weird” Minnesota Wild overtime goal scored with the net displaced Tuesday night should have counted.

Wild forward Kirill Kaprizov sent a pass across the crease to teammate Marcus Johansson just as Predators goalie Justus Annunen pushed the net off its moorings. Johansson’s shot hit the side of the net as the cage continued to slide out of place. He collected the puck and then backhanded it over the goal line and off the end boards with the net dislodged.

The referee signaled a goal at 3:38 of overtime, and it was upheld after an NHL video review. Minnesota won, 3-2, overcoming an emotional letdown when Nashville’s Steven Stamkos tied the score with just 0.3 seconds left in regulation.

“The explanation was that, in [the referee’s] opinion, it was a goal. I disagree with his opinion, but that’s the way it is,” Nashville coach Andrew Brunette said.

Stamkos wasn’t pleased with the goal call after the game.

“Obviously, a weird play. I can see the confusion, but the confusing part for us was why it was so emphatically called [a goal]. I get it. Listen, the net came off. If the puck goes in right away, no problem if the net is off. But he missed the net, and the puck actually bounced back to him because the net was sideways,” he said.

The NHL’s Situation Room upheld the goal because it felt Annunen caused the net to be displaced prior to an “imminent scoring opportunity” by Johansson and cited Rule 63.7 as justification. The rule reads:

“In the event that the goal post is displaced, either deliberately or accidentally, by a defending player, prior to the puck crossing the goal line between the normal position of the goalposts, the Referee may award a goal. In order to award a goal in this situation, the goal post must have been displaced by the actions of a defending player, the attacking player must have an imminent scoring opportunity prior to the goal post being displaced, and it must be determined that the puck would have entered the net between the normal position of the goal posts.”

Stamkos didn’t believe that Johansson’s goal-scoring shot was only made possible by the net having come off its moorings.

“I understand the net came off. I don’t think there was any intent from our goaltender to knock it off — it came off twice today. From our vantage point, we thought the puck came back to him on the second attempt because the net was off. If not, the puck goes behind the net, and we live to fight another day. So, that’s where we didn’t agree with the call,” he said.

Brunette doesn’t believe his goalie intentionally pushed the net off its moorings.

“I don’t think just by the physics of pushing that’s what he was trying to do. I thought they missed the net. If the net didn’t dislodge, you would have ended up hitting the net,” he said.

“Unfortunately, they didn’t see it the same way. And you move on.”

This was the second win in a row for the Wild, moving them to 5-6-3 on the season. Nashville dropped to 5-6-4, losing its second straight overtime game.

“We deserved a lot better, for sure. One of our best games of the season, for sure,” Stamkos said.

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Science

How Hot Was the Universe 7 Billion Years Ago? Scientists Now Have an Answer

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Japanese astronomers using ALMA data have found the universe was about twice as hot 7 billion years ago, with a temperature of 5.13 K compared to today’s 2.7 K. The finding aligns perfectly with Big Bang predictions that the Universe cools as it expands, providing the most precise mid-epoch measurement yet and reinforcing confidence in standard cosmology.

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Environment

All the EVs you can buy for less than Cadillac CELESTIQ’s $60,000 price hike

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All the EVs you can buy for less than Cadillac CELESTIQ's ,000 price hike

Cadillac wants to live up to its “standard of the world” tag line so bad they can taste is – but adding $60K to the CELESTIQ’s MSRP might not be the flex the marketing team might think. To teach them a lesson, we’re going to ignore the CELESTIQ and list every new EV you can buy for less than that $60K price hike, instead. Enjoy!

Cadillac is on the verge of an electric renaissance, with nearly 40% of all new Caddies sold last quarter being electric and historic votes of confidence coming from the international motoring press. That said, a $60,000 price hike on the company’s hand built, ultra-luxury flagship CELESTIQ sedan feels especially like a cynical cash grab in today’s economy.

So, instead of talking about the now $60,000 pricier Cadillac CELESTIQ, I’ve decided to give you a list of all the new EVs you can buy (in the US, at least) for less than that $60K. Take a look at the list, below, then let me know if I missed any in the comments.

If you’re curious about what those vehicles are actually selling for, what rebates and special rates are out there, or even just want to take one for a test drive, click on one of the links and you’ll be directed to a local dealer who can walk you through it all (trusted affiliate link).

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Original content from Electrek.


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